I invetsed in Brazil via an ETf and stock picking. I recently sold my (accumulating) ETF (Franklin Templeton FLXB.DE) because irt wasn’t traded a lot and did not perform taht well. I mean, it went up but not as much as it could. In contrast, the stocks I picked pay out great dividend while their share price remained good. I was very lucky in November to buy more shares of SID at the bottom, thereby lowering my average, and then see it go up more than 33%.
Of course this HSBC ETF will pay out dividends but the great performace of some stocks will be flattened out by the lesser performers. And VALE is taking up a lot of weight in this ETF (also in others), so it drags your dividend return down.